Second Chance - 1222 Johnson Street - Casa Marina Area - Short Sale - Key West

The legal duplex at 1222-1224 Johnson Street in the Casa Marina Area of Key West just went back on the market. It is a short sale. The previous buyer (or non-buyer) did not close the deal. So those of you who missed this truly great buying opportunity get a second chance.

1222-1224 Johnson Street - Key West

Want to have your cake and eat it too? The cute legal duplex located at 1222-1224 Johnson Street in the east area of Casa Marina may be the answer to your dream of having a place in Key West that you can use for yourself and also legally rent to pay part of your mortgage costs. The property is priced to sell at $429,000. The listing Realtor says this about the duplex:

"Legal duplex with a spacious 2/1.5 and a studio. Good condition with some nice upgrades in the large unit. Each side has a walled yard and parking. Great location near the beaches & White St. pier. Short sale subject to bank approval."

Walk to the beach from your house - maybe five minutes or ten if you are slow

The key words or phrases in the description tell us that (1) the duplex is 'legal' as opposed to a mother-in-law that may not be legal; (2) the space you could rent (or retain for self-use) is small (expect rent of $800 on the small unit); (3) it is in good condition-meaning a new owner will not be required to do a lot of deferred maintenance; (4) it's got upgrades like travertine marble floors and nice cabinets; (5) each unit has private outdoor space (living in Key West is much nicer if you have actual private outdoor space); (6) it has private parking for two cars; and it's located near the White Street pier and the beaches. checkout the Key West mls database and to view more photos of this property. Click PHOTOBUCKET to see lots of interior and exterior photos.

CLICK HERE for a GOOGLE MAP aerial view of the area. The above photos do not do the location justice. There are some really nice large Casa Marina homes located east,west, north and south of this property. The photo immediately below is the large home next door to the west and below that is the house across George Street to the east. Not bad company!

Next door immediately west

Across Georgia Street on the corner

Off street parking for two cars

Private yard for the larger unit

Separate private yard for the smaller unit

Don't let the term 'short sale' scare you away. The lender that has the mortgage on this property is a local bank that can make a relatively quick evaluation of any short sale contract.

1222-1224 Johnson Street is a listing of Preferred Properties Coastal Realty, Inc. (that's where I work). Please call me, Gary Thomas, 305-766-2642 if you would like to see this nice property neat the beaches.

920 Pohalski Lane - Short Sale - Key West - Back on the Market

920 Pohalski Lane in 1965

920 Pohalski Lane with new addition as seen in 2011

Side view of 920 Pohalski Lane

Attention Bargain Hunters: The award winning Key West cottage at 920 Pohalski Lane was just reactivated as a short sale at the new asking price of $399,000 or $420 per sq ft. This is a bargain, Dear Readers. The Historic Florida Keys Foundation awarded this home its Award for Excellence. The listing Realtor describes the cottage thus:

"Beautiful historic home with unique floor plan. French doors open from the living room and kitchen to a wonderful private deck with spa/jacuzzi. Upstairs master suite. Home is fully fenced for privacy. Porch in the front and off street parking. This home received an Award for Excellence for the highest ideals and concepts of historic preservation by The Historic Florida Keys Foundation. Steps away from all that living in Key West has to offer."

It's worth looking at!

This is a cottage home with 2 bedrooms, 2 bathrooms, 950 sq ft of living space that sits on a 35' x 55' (1925 sq ft) lot. CLICK MAP for a Google aerial view and then click for a street view. The aerial will show you that this place is located near Truman Avenue. The street view will show you it is opposite the Truman & White Chevron Station. So that will probably eliminate 95% of people looking for a nice and affordable Key West cottage. My advice: get over it. There are many really nice small cottages on this little one-way lane that runs north just off Truman Ave. to Olivia Street. Most of the other houses or cottages on this block are darling little places that would cost a lot more if they were located on one of the swank lanes such as Curry Lane or Carey Lane. They aren't and as a result they are priced much lower when it is time to sell. Superior locations cost more money. Cute and convenient can cost less.

The Coffee Mill is located next door to 920 Pohalski Lane

I wrote about the charming little place across the lane at 909 Pohalski when it was listed in December . It went under contract in a couple of days of being listed. I represented the buyer that purchaser that grabbed that little gem.

Another Key West blogger who pens his Key West Diary wrote about Pohalski Lane. CLICK HERE to read his take on this little lane.

As for me, I think being able to walk over to the Citgo gas station to buy the best friend chicken in Key West (seriously!), or to walk a bit further to Sandy's to get a con leche, or maybe walk up Truman a couple of blocks to workout at the Old Town Gym, or walk 20 feet to do yoga at the Coffee Mill (located next door), is the essence of living in Key West. I'll bet people from New York have their pet places that they measure by how close the places they use constantly are located from where they live. Key West isn't big in the first place. But having places you really use weekly, if not daily, that are located with a block or two of where you live makes living in a specific neighborhood more enjoyable. CLICK HERE to checkout the Key West mls datasheet on this property. Or you can CLICK HERE to view more photos that I took.

If you would like to see 920 Pohalski Lane, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. If you snooze on this short sale, you lose.

Non-Bargain Properties in Key West

405 Frances Street before Renovation

405 Frances Street nearly completed in May 2011

I sometimes get emails from Readers asking about "low priced" properties that I have never written about. They ask me what I think. I usually reply with some awful story about the property. Many potential buyers often equate low price with value. They are mistaken.

Low Price and Value are not synonymous-especially in a place like Key West where asking prices are typically higher on a per square foot basis than most locations in the United States.

While I was away a property I have showed a few times had a price reduction. Under normal circumstances I would have written about that property before and maybe encouraged potential buyers to consider it. But that place is not normal. I remember showing that same house maybe ten years ago when it was as cute as a button-the perfect Key West hideaway located in a charming compound of other similar cute cottage style homes. The present owner loves cats and has maybe a dozen of them that roam freely. The cats have overtaken the place and it reeks of cat pee.

I remember a similar house that I showed a few times in 1996. It was owned by a writer who loved cats. I recall that owner had about 19 furry felines in his house. The eventual buyer bought a great house at a good price because most buyers refused to consider it. The new owner told me the floors were sanded and refinished but the odor would not go away. The new owner had to rip out the original floors and install new floors and some drywall. The house is fine now. But the cost was unexpected and the bargain price ended up costing much more than anticipated.

I have not written about another current low priced listing that has limited access with no on site and no street parking. What looks like a nice place on the Internet is something quite different in real life.

I have not written about low priced houses located near popular restaurants because the odors and congestion are something a new owner would have to deal with every day for eternity. Why would I want to subject a potential buyer to something like that? Cheap, yes. Value, no.

There are some small properties located in Old Town that may appear to be affordably priced. Buyers with an itch to do a remodel might consider them. I expect most will require extensive renovation and that the eventual cost on a per square foot basis is just too high to justify the expense for even a small property unless the property has a great location or in an architectural gem.

I have shown some properties that have undergone what I call staple gun renovation. I remember one place a few years ago that looked really sharp. It had a nice new kitchen with granite counter tops, stainless steel appliances, cute Italian light fixtures but also uneven floors laid over an old concrete slab. I remember showing the house and looking at the front double door entry. I could see daylight coming in under one of the doors. I looked up at a newly installed accent window. Daylight showed through a gap on one side. I pointed out the noticeable flaws to my buyer and told her not to consider the place. It sold for a lot of money during the height of the market. But not to my customer.

The photos at top of today's blog show 405 Frances Street as it appeared after it sold for the bargain price of $216,500. It underwent a dramatic renovation process which I will write about and share photos of someday after the project is complete. You can probably buy a really nice house in most parts of the United States for $216,500. In Key West you can buy a fixer. Some properties and some locations are worth spending money on because the resultant house (after expensive renovation) justifies the investment of time and money.

CLICK HERE to search the Key West mls database. You do not need to fill out any forms or become the captive of some real estate agent to search the mls.

If you see something that interests you, please consider contacting me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise. I'll do my best to help you find a real bargain and avoid buying somebody else's nightmare.

1126 Washington Street - Casa Marina Area - Key West - Bank Owned - Buying Opportunity

This is a RAH RAH moment. I have been waiting for this one for a long time. The foreclosure took forever. The house at 1126 Washington Street in the Casa Marina Area of Key West is now Bank Owned. I am particularly interested in this property because I live nearby. This house has been an eyesore for at least 15 years, and now some new owner gets the chance to buy a real fixer with a huge lot in a truly great neighborhood at a great price.

Longtime Readers know I don't jump up and down about new listings very often. This is the exception! This is one of those times when buyers who want a really good deal need to act quickly. 1126 Washington Street is offered at just $369,000. I predict it will go under contract within a matter of a few days. The price, location, and ability to re-do or to create a new house in a great location make this property worthy of serious consideration.

There are two prime areas in Key West - Old Town and Casa Marina. Everybody knows Old Town because of the quaint old houses and nearness to dining and cultural events. Casa Marina is known for its proximity to the Atlantic Ocean (a five minute walk) and the extra large lots and larger homes - most of which are valued over the one million dollar mark. Some of the houses in the Casa Marina Area that have not been renovated may qualify to be razed because they are not located on historic maps. (You basically can't tear down in Old Town and must renovate-often on small lots.) Additionally, homes that are unsafe may be approved for demolition on their own right. The house at 1126 Washington Street is a likely candidate for demolition in my opinion. It is a nasty old mess that needs torn down, or it needs a really gifted architect and contractor to turn this old house into something special. CLICK HERE to view photos I took of this house for an out of town buyer.

1126 Washington Street as it looked in 1965

Exterior photo May 2011

Garage and huge parking area

East side of house has large yard and immense decks

Steel Posts and Beams added to Prevent Ceiling Collapse

Forget about how bad the house 1t 1126 Washington Street may look now and instead focus on the location, lot size, and ability to create your own private paradise on the 8304 sq ft lot (89' x 94'). While the size may not seem like a large lot up north, it is a very big lot by Key West standards. The Monroe County Property Appraiser says the house was built in 1938 and has 1539 sq ft of living space. I suggest that you consider the asking price of the land value which is offered at $44 per sq ft. Compare that price to the lot at nearby 1426 Reynolds Street which sold April 12th at $70 per sq ft (11,500 sq ft). The Reynolds property has an excellent location closer to the beach but it is also located across from the Casa Marina Hotel. CLICK HERE to read what I wrote about that property. I think most Readers would agree that $44 is better than $70 any day of the week. Of course there are pluses and minuses for any property and each offering or sale must be judged on its own merits.

I counted five different floor levels in this house and numerous kinds of windows, doors, air conditioning units, fans, odd light fixtures, glass block walls and mirrored walls in the bathrooms. There is no cohesive style. There are orange warning cones and yellow tape to warn of potential hazards. Since costs of renovation can often be much higher than new construction, I suggest that a new owner raze this old house and build a new two story house and take advantage of the large lot to create a wonderful pool and garden area.

If you are looking for a project property in Key West, give this listing serious and prompt consideration. If you are not working with another agent, please consider calling me, Gary Thomas, 305-766-2642, or contact me by email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Don't wait too long!

719 Chapman Lane - Bank Owned - Key West

719 Chapman Lane - Key West - May 2011

The newly listed Bank Owned single family house at 719 Chapman Lane in the Bahama Village area of Old Town Key West was just listed for $499,100 or $237 per sq ft. The house has been bank owned since since September 30, 2010 but was just listed in the Key West mls on Friday.

The same house was listed for sale in the go-go years at $1,200,000 (2005) and later $1,099,000 in 2006. It did not sell. The house was built new (not renovated) in 1999. It has 2108 sq ft of living space on three floors. It sits on a 27' x 98' (2646 sq ft) lot. See the diagram and photo below that show the house layout and how it it looked in 2006.

2006

Above is a current listing photo of the same area

The Monroe County Property Appraiser took the above photo in 1965 but notes the house at 719 Chapman Lane was razed in 1967. Proof that the new house really is a new house.

For comparison purposes the house next door to the south (721 Chapman Lane) SOLD on March 29, 2011 for $370,000 or $195 per sq ft. (It sold 18 days after being listed at $425,000.) I wrote about that house when it was also a bank owned property. I even did a broker's price opinion on that property and pegged the probable sales price at $375,000. My estimate was pretty close. That house was livable but I felt it needed some work. It certainly needed cleaned and painted. It had a pool, but the front yard had a pretty white picket fence instead of parking.

Two years ago I wrote about the then short sale at 710 Chapman Lane. I loved that house. It was a renovated single family with 1200 sq ft of living space, a white picket fence, and room for a pool. It ended up selling for $385,000 or $321 per sq ft.

710 Chapman Lane is located across the street. It sold last year.

This Chapman Lane house did not sell and is not for sale.
It is just damned beautiful!

All three houses are located on Chapman Lane which is three blocks from Duval between Petronia Street to the south and Angela Street to the north. One block long and most of the houses have been renovated. If that block were located three blocks east of Duval, we would not be writing about any of these houses at selling or being offered for sale as such low prices.

The City of Key West is nearing final approval on the redevelopment of the Truman Annex marina and park. It is located just a couple of blocks further west of Chapman Lane. Angela Street is supposed to provide a walking lane type entrance into that area. When the redevelopment is completed, I believe that property values in the immediate area will increase dramatically.

Breakfast at La Creperie

Dinner in Heaven

Spend the day at Ft Zach

In the meantime if you owned the house at 719 Chapman Lane you could walk a little over one block to have breakfast at La Creperie or dinner at Blue Heaven or maybe do tapas at Santiago's La Bodega. You could ride your bike over to Ft Zach Taylor beach and work on that Key West tan. Or you could do any manner of things people in Key West do every day. This block is populated mostly by full time homeowners but there are a few second homes located here as well. After the Truman Annex is completed I expect there will be a shift between full time and second home ownership.

If you are looking for a newer home in Key West and want the convenience of being located near major Key West attractions but don't want to pay the high cost of ownership by being located on the supposed best street, you should really take a serious look at 719 Chapman Lane. Understand that a similar house on a more sought after block in Old Town will cost about $500,000 more. Please call me, Gary Thomas, 305-766-2642 to schedule your visit. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

829 Simonton Street - Old Town - Key West - Historic Investment Property

I distinctly remember going inside the old building at 829 Simonton Street on Superbowl Sunday (January 25, 1987). The place was a sandwich shop called "La Bodega". I had spent the afternoon at Atlantic Shores and wanted to grab a sandwhich. The place was near and the food was good. My needs were met. Fast forward 24 years and the building looks pretty much the same.

The unpainted facade looks pretty much today like it did when the two photos below were taken.

829 Simonton Street Key West May 2011

The building was called The Square Deal Market when the photo above was taken in 1965 by the Monroe County Property Appraiser. The appraiser says the building was built circa 1974. The sign at the street advertises "STEAK 89 cents lb." and "Homo Milk".

The pic above was taken in 1970 before Key West got gentrified.

The 4662 square foot building (listing agent provided) which is located on a 51' x 106' (5353 sq ft) lot near the top of Solares Hill and just one block south of Truman Avenue. The listing Realtor describes this investment property this way:

Exquisite mixed use piece of property- Historically renovated with exceptional eye to detail. The downstairs of this property consists of two commercial bays each with about 998 square feet. The upstairs is made up of two residential units. One unit is a 2br/2ba with 1678 square feet. The other is a 1br/1ba affordable housing unit with 463 square feet.It features 7 off-street parking spots."

The property has been renovated a couple of times in the past ten years. The most recent renovation converted the front downstairs space into offices which are now used as a real estate office. The photo above was taken from the large parking lot located on Olivia Street. Listing agent says there is parking for seven vehicles. Note the beautiful Royal Poinciana Tree that frames the lot.

The asking price on the investment property at 829 Simonton Street is $1,600,000. If you are interested in this property, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.